Retail Loan

Retail loans are those loans which are given by the banks to individuals so as to meet there personal needs, retail loans are smaller in size as compared to corporate loans. Given below are various types of retail loans which are given by the banks subject to term and conditions and guidelines approved by Bank’s board of individual Banks

Housing Loans –

Banks provide housing loans to salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF and Prop. Firm, Partnership firms and corporate.

  • Provides loans to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat Maximum loan amount is Rs.500 lacs and repayment ranges up to 30 years, with reasonable margin and nominal processing charges. No commitment /administrative charges
  • The loan is available at very competitive rates of interest, currently available in the industry.
  • Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity
  • Prepayment of Loan permitted. No prepayment charges under floating rate option
  • Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
  • Loan to NRIs as well as Persons of Indian Origin.
  • Simplified application form/procedures for convenience of customers, and speedy approvals.
  • Free Personal Accident Insurance cover (Renewed at banks discretion)
  • Life Insurance Cover to borrowers for Loan Protection(optional)

Loan against Property –

Bank provides Loan against Property to People engaged in trade, commerce and business, professionals, self-employed, individuals with high net worth, salaried people, Proprietary firms, Partnership firms, Companies (Pvt. /Public Ltd.,) HUFs (excluding partnership firms where HUF is a partner), Societies, Staff members, NRIs- subject to compliance of Bank’s/RBI guidelines for the following purpose .

  • To meet the credit needs of trade, commercial activity, other general business/profession, as also for their bona fide requirements;
  • To meet educational expenses of family members including near relatives
  • To undertake repairs/renovation/extension to the residential/commercial property;
  • To purchase / construct residential house/flat, purchase of plot of land for construction of house/ premises for business/commercial use *;
  • For Repayment of existing loans availed from other Banks / FI’s conforming to the extant guidelines regarding “takeover” of account.

Educational Loans –

This type of loans is given by the banks to students so that they can pay for the tuition fees, hostel expenses, foreign education and other such expenses. Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.

Vehicle or Auto Loans –

Salaried employees, Professionals, Self-employed Salaried employees, Professionals, Self-employed Non-Resident Indians- advance to be granted jointly with Resident Indians (close relative) Companies, Partnership Firms, Proprietary concern and other types of corporate entities are eligible.
For Purchase of two/four wheeler vehicles (not requiring heavy duty license). For purchase of used/second hand 2 and 4 wheeler.

Personal Loans –

Personal loan are the loans which are given to individuals for purposes such as marriage, traveling to abroad, loans for covering hospital expenses and other such loans which individual may need depending on his or her needs and situations. Personal Loan are provided on either clean/unsecured basis or secured basis.

Clean/Unsecured loans:

  • Marriage expenses of self, son, daughter or a dependent near relative.
  • Medical Expenses incurred/to be incurred for self, spouse, children, dependent near relative.
  • For education of self/spouse/ children/ near dependent relatives.
  • For repairs/ renovation/ extension of existing house/flat.
  • Any other personal expenses of bonafide nature as approved by the Bank

Secured Loans:

  • Repayment of existing housing loans from other banks/Financial Institutions, etc.
  • Repairs/ Renovation/ Extension of House property.
  • Education of self, spouse, children, near dependent relatives.
  • Purchase of consumer durables, computers, professional equipment’s etc
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